Business
Petrol Pump Price Hits N300 Per Litre, Nigerians Groan
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By Punch Reporters
The scarcity of Premium Motor Spirit, popularly called petrol, grew worse across the country on Thursday, as massive queues were witnessed in Abuja, Lagos, Port Harcourt, Calabar, Warri, Nasarawa, Minna, among other places.
Oil marketers stated that the scarcity became worse due to the fact that dealers could hardly access the product from the only two depots that were dispensing the commodity in Lagos State as of Thursday.
The few filling stations, particularly those of independent marketers, that dispensed the commodity on Thursday, sold it at between N250/litre and N300/litre, depending on area of purchase.
Oil marketers told our correspondent that over 1,000 tickets, belonging to marketers which had paid for products, remained unattended to, at the few depots that dispense the commodity in Lagos.
It was gathered that the tickets, which were for over 1,000 tankers, had continued to pile up due to the pressure on the two depots, namely MRS and Pinnacle.
It was also gathered that the cost of petrol could have been increased quietly by the Federal Government, as stations that used to sell the approved price of N179 – N180/litre had raised their prices to between N185 – N190/litre.
Scarcity hits Abuja
The scarcity in Abuja was worse on Thursday, as virtually all retail outlets belonging to independent marketers were shut, while only few stations belonging to the Nigerian National Petroleum Company Limited and major marketers dispensed PMS.
But the very few outlets that dispensed products were greeted with massive queues of motorists who spent hours waiting to buy petrol.
Commenting on the issue, the Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, said the concerns in the downstream sector would continue to linger as long as the government remained the sole importer of petrol into Nigeria.
He said, “The Federal Government, through NNPC, is the only one importing this product and it is subsidising it. And they don’t have the facility to store the product.
“Some time ago we complained about this because when they store in private depots, the price is hiked and some of the depots continue to exploit the masses arbitrarily.
“However, as it is now, the government is bringing in products. But the issue now is that virtually all the depots that belong to major marketers in Apapa axis of Lagos are empty. So there is now pressure on MRS and Pinnacle depots where NNPC drop products.”
Shuaibu added, “So, there are over 1,000 tickets of marketers who have paid to have their trucks loaded, but we don’t know what is happening. Today they will tell you that they are upgrading the system, tomorrow you will hear that the system did not capture.”
He said tickets were piling and “you know that it takes much time to transport this product from the South to the North. Some trucks spend one month, especially when they have problems on the road, others spend two to three weeks.”
The IPMAN official called on the Federal Government to do something about this, adding that it must be done fast.
When asked why were other depots in Apapa and in other locations not selling products, Shuaibu stated that pipeline vandalism, depot upgrade and other issues were the reasons.
He said, “Last time we complained that some depots were exploiting us, and the depots argued that the cost of moving products from one end of their facility to another had Increased, as well as other issues. So we can’t tell whether that is another reason why NNPC stopped supplying some of these depots.
“Things were not worse like this before. As I’m talking to you now, some of our tickets have been there for close to a month. I did payment since but I can’t load. And the story is the same across their 21 depots. We can’t load.”
Meanwhile, Shuabu stated that unconfirmed information on the official pump price of PMS that filtered in on Thursday evening was that the government had quietly raised the cost of petrol.
“I cannot confirm it yet, but we are hearing that they have quietly increased the pump price of petrol, because major marketers in Lagos who used to sell at N179 – N180/litre, are now selling at N185 – N190/litre,” he stated.
Also speaking on the issue, the Public Relations Officer, IPMAN, Chief Ukadike Chinedu, said another reason for the scarcity was the changes being done by NNPC in terms of payment for products by marketers.
He said, “NNPC has moved independent marketers from PPMC Marketers Express to the NNPC Retail portal. That NNPC Retail portal is where marketers will be able to buy their products. However, they told us that the portal is in place now.
“Another concern is that they (NNPC) are also having an issue with the remittance, which, according to them, has been resolved. But the impact of these issues will definitely be felt and it will take some time to clear.
“Marketers are calling on NNPC to supply products to some of the depots where independent marketers can access them since most NNPC depots are not functional because of pipeline vandalism.”
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reaffirmed its commitment to sustainability, employee wellbeing, and community development by mobilising thousands of employees across its operations in 20 African countries for the latest edition of its flagship wellness initiative, “Jogging to Bond.”
This year’s event held special significance as it coincided with the 60th birthday of UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, who chose to celebrate the milestone in the company of staff and colleagues.
Held under the theme, “The Power Within U,” the quarterly initiative brought together employees from across the Group’s African network for a day dedicated to fitness, teamwork, creativity, community service, and environmental responsibility.
A major highlight of the event was a coordinated environmental clean-up exercise carried out simultaneously across UBA’s markets. From Lagos to Accra, Nairobi, Dakar, and other cities where the Bank operates, employees took to streets and public spaces to clean their surroundings, demonstrating UBA’s unwavering commitment to environmental stewardship and sustainable development.
The exercise underscored the Bank’s belief that corporate success must go hand-in-hand with positive social and environmental impact. By integrating community service into employee engagement activities, UBA continues to strengthen its Environmental, Social and Governance (ESG) agenda while creating meaningful value in the communities it serves.
Speaking during the event, Alawuba emphasised the importance of wellness, teamwork, and social responsibility in building a strong institution.
“There is no place I would rather be on my birthday than here, surrounded by the incredible people who make UBA what it is today. Our greatest strength lies in our people, in the passion, energy, and sense of purpose that unite us across Africa.
When we run together, serve together, and work together to make our communities cleaner and healthier, we are doing more than promoting fitness. We are demonstrating our shared values and our commitment to the people and communities that place their trust in us every day,” Alawuba said.
In Lagos, the event featured a variety of wellness activities, including spinning bike sessions, fitness challenges, relaxation therapies provided by Oriki, and an exercise station hosted by iFitness, which also offered exclusive discounts to UBA employees.
Commenting on the significance of the initiative, UBA’s Group Head, Marketing and Corporate Communications, Alero Ladipo, said the programme reflects the Bank’s holistic approach to employee welfare and sustainable development.
“At UBA, our people are at the heart of everything we do. We believe that creating a thriving workforce requires investing in their wellbeing while also encouraging them to make a positive difference in society.
‘Jogging to Bond’ embodies our commitment to fostering a healthy workplace culture, strengthening team spirit, and contributing meaningfully to environmental sustainability. It is one of the many ways we continue to create value for our employees, customers, shareholders, and communities across Africa.”
As part of its broader Employee Value Proposition and ESG strategy, UBA continues to implement programmes that promote wellness, engagement, volunteerism, and environmental responsibility across its operations. Through initiatives such as “Jogging to Bond,” the Bank reinforces its position not only as a leading financial institution but also as a responsible corporate citizen committed to building a more sustainable future for Africa.
Fidelity Bank Plc has won the Development Bank of Nigeria (DBN) Service Ambassadors Award for recording the highest impact in expanding access to formal credit for first-time Micro, Small and Medium Enterprises (MSMEs) in Nigeria.
The award recognises the Deposit Money Bank that has successfully onboarded previously unbanked or credit excluded Micro, Small and Medium Enterprises across Nigeria, reflecting Fidelity Bank’s sustained commitment to deepening financial inclusion, improving access to credit and supporting enterprise growth.
Speaking on the recognition, Divisional Head, Small and Medium-scale Enterprises Banking, Fidelity Bank Plc, Ugochi Osinigwe, expressed appreciation to DBN and reaffirmed the bank’s commitment to the growth of small and medium-scale businesses across the country.
Osinigwe said: “We sincerely thank the Development Bank of Nigeria for this recognition, which affirms the impact of our work in expanding access to finance for MSMEs, especially businesses accessing formal credit for the first time.
The latest recognition builds on Fidelity Bank’s long-standing partnership with DBN and consistent support for Nigeria’s MSME ecosystem.
In 2025, the bank received the DBN Innovation Award in the Deposit Money Bank category, in recognition of its outstanding contribution to the development and delivery of innovative financial products and services tailored to MSMEs.
The bank had also received the 2020 DBN Service Award for the Highest Disbursement to DBN-focused locations, a recognition that highlighted its role in facilitating access to affordable funding for small and medium-scale businesses across targeted markets.
Over the years, Fidelity Bank has implemented several initiatives that support small and medium-scale businesses beyond access to loans.
For instance, the bank established the Fidelity SME Hub in Gbagada, Lagos as a dedicated facility for entrepreneurs, offering access to training halls, meeting rooms, networking spaces, business advisory support, and creative studios for content production.
The bank also recently launched its Fidelity Quarterly Business Forum, a strategic engagement platform designed to connect SME founders, business leaders, policymakers and industry experts for practical discussions on business growth, trade, innovation and sustainability.
The maiden edition, held in Port Harcourt, Rivers State focused on scaling trade and distribution businesses for sustainable growth, while providing entrepreneurs with relevant insights, networking opportunities and advisory support.
In addition, Fidelity Bank has continued to support entrepreneurs through its SME Masterclass Series, which deliver practical capacity building in areas such as pricing, product quality, online sales, business visibility and preparation for international expansion.
The initiative forms part of the bank’s broader commitment to equipping SMEs with tools they can apply immediately to improve competitiveness and profitability.
The bank has also played a key role in the disbursement of the Federal Government of Nigeria MSME Intervention Funds, administered by the Bank of Industry, with a strategic focus on supporting qualified businesses and empowering women owned enterprises.
Through its nationwide branch network, digital banking platforms and experienced relationship managers, Fidelity Bank continues to provide structured support to entrepreneurs across urban and rural communities.
Fidelity Bank’s broader SME support architecture also includes export development and market access programmes.
Through the Fidelity Nigeria International Trade and Creative Connect, the bank connects Nigerian businesses to international markets, including the United Kingdom and the United States.
It also partners with the Nigerian Export Promotion Council and Lagos Business School on the Export Management Programme, which equips entrepreneurs and aspiring exporters with the skills, knowledge and networks required to compete in regional and global markets.
The bank’s partnership with the National Credit Guarantee Company further strengthens its support for MSMEs by helping to reduce lending risks and expand access to finance.
The collaboration also includes financial literacy and business management training to help MSME beneficiaries manage their loans effectively and build sustainable enterprises.
With these interventions, Fidelity Bank continues to demonstrate a multi-dimensional approach to SME development, combining finance, advisory services, capacity building, digital enablement, market access and strategic partnerships to support businesses at different stages of growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving more than 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards.
The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment.
Polaris Bank has reaffirmed its commitment to youth development, education, financial literacy, and social responsibility by supporting a Media Practitioners’ Capacity Building Programme held on Thursday.
The event pioneered by the Nigerian Online Media Alliance (NOMA), a coalition of digital media publishers and journalists, was to commemorate the 2026 International Day Against Drug Abuse and Illicit Trafficking.
As part of its contribution to the successful hosting of the programme, the bank donated a variety of branded gift items, including cable chargers, water bottles, umbrellas, piggy banks, and mathematical sets.
The branded water bottles, umbrellas, and cable chargers were distributed to journalists and participants at the event, providing useful tools for everyday use. The piggy banks were designed to encourage savings culture and financial discipline among young people, while the mathematical sets were presented to participating students to support learning and academic excellence.
The programme themed: “Responsible Media, Drug-Free Nigeria: The Journalist’s Role in Prevention and Advocacy,” was organized by NOMA in collaboration with the International Society of Substance Use Prevention and Treatment Professionals (ISSUP Nigeria), the National Drug Law Enforcement Agency (NDLEA), and the Federal Neuro-Psychiatric Hospital, Yaba.
Speaking on the bank’s support, Chairperson of the Nigerian Online Media Alliance (NOMA), Theresa Moses, expressed profound appreciation to Polaris Bank for partnering with the association in advancing initiatives that positively impact education and society.
According to her, the bank’s gesture underscored its dedication to community development, youth empowerment, and national progress.
“We are sincerely grateful to Polaris Bank for supporting this important programme with branded gift items. Beyond their practical value, these items represent the bank’s commitment to education, financial literacy, youth development, and social impact. Their support contributed significantly to the success of this event,” she said.
The event attracted journalists, media executives, public health professionals, policymakers, anti-drug advocates, students, and representatives of government agencies who gathered to discuss strategies for strengthening media advocacy against substance abuse and illicit drug trafficking.
Through expert presentations and panel discussions, participants explored the critical role of responsible journalism in promoting prevention, raising public awareness, reducing stigma, and supporting efforts to build healthier and safer communities.
Polaris Bank’s support aligns with its longstanding commitment to corporate social responsibility initiatives focused on education, financial inclusion, youth development, and community empowerment.
By supporting the NOMA Media Practitioners’ Capacity Building Programme, Polaris Bank has once again demonstrated its belief that collective action, education, and awareness are critical to building a drug-free Nigeria and empowering citizens to make informed choices for a better future.
Stakeholders at the programme commended the bank for its continued investment in initiatives that promote positive social values and contribute to national development.
The organizers noted that partnerships between the private sector and civil society organizations remain essential in addressing societal challenges and creating opportunities for sustainable impact.
